TON Other Administrative Neutral
TONGAAT HULETT LIMITED - Announcement regarding High Court of Botswana proceedings
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What this filing means
Tongaat Hulett's Business Rescue Practitioners have successfully interdicted an attempt by a third party to enforce a claim over its Botswana assets, pending a final hearing in June.
Bull case
- The Business Rescue Practitioners successfully obtained an interdict preventing Bowwood from enforcing the ex parte order over Tongaat Hulett Botswana assets.
- The court's interim ruling provides for the protection and restoration of the company's prior asset position.
Bear case
- The group faces aggressive legal challenges from a counterparty that attempted to secure control over assets without prior notice.
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